DETROIT – Pier 1 is planning to close nearly half of its stores -- including 6 in Michigan -- as the company struggles to draw consumers and compete online.
The home decor company said earlier this month it is closing up to 450 stores and will also shutter distribution centers. It didn’t say where the store closures would occur, but it operates stores in the U.S. and Canada. Pier 1 also plans layoffs at its corporate headquarters in Fort Worth, Texas.
Pier 1 said sales in its most recent quarter fell 13% to $358 million as store traffic fell. It reported a net loss of $59 million for the quarter, which ended Nov. 30.
The company — which was founded in California in 1962 — has been trying to revamp its cluttered stores and change its offerings to appeal more to younger customers. But it is struggling to compete with budget-friendly home decor sites like Wayfair.
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Ken Haddad has been with Local 4/ClickOnDetroit since 2013. He helps lead news coverage and content across broadcast and digital platforms. He's from the Metro Detroit area, and loves covering important news (and sports) in his hometown.